EINSTEIN/NOAH BAGEL (ENBX) Message Board

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Non-Tech : EINSTEIN/NOAH BAGEL (ENBX)

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To: ted birnbaum who wrote (73)	10/29/1997 10:01:00 PM
From: Michael Berkowitz	Read Replies (1) of 148

I too was pleased of the news. They say they will be able to open 200 stores per year now without any additional financing. Here's one report: Wednesday October 29 5:15 PM EST Einstein/Noah gets credit for new stores GOLDEN, Colo., Oct 29 (Reuters) - Einstein/Noah Bagel Corp said Wednesday it has signed a commitment letter for a new $70 million credit facility, which it plans to use to finance new store development. The company said in a release that the new credit facility consists of a $30 million term loan and $40 million revolving credit facility. It said the new facility is with Bank of America National Trust and Savings Association, LaSalle National Bank and General Electric Capital Corp (GE). The company said it expects to develop up to 200 new stores a year without the need for additional external financing. The company also said its board has appointed a special committee to consider a proposal from management to convert loans made by the company to its area developers into equity. It said the proposed conversion would require no cash outlay and would result in the company owning approximately 75 percent of the outstanding equity in its area developers, with the remaining interest held by area developer management and other private investors. Einstein/Noah said if the proposed loan conversions are completed, it would consolidate the area developer operations in its financial statements. The company reported third quarter earnings of $5.36 million, or $0.16 per share, compared with $3.95 million, or $0.13 per share, in the same quarter last year.

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